Indian Oil Corp (IOC) today said its board has given approval to setting up of a Rs 27,460 crore refinery by its subsidiary, Chennai Petroleum Corp Ltd.
The Board of Directors of CPCL had in April this year recommended setting up a new 9 million tonnes a year refinery at an estimated cost of Rs 27,460 crore (with an accuracy of plus-30 per cent).
The expansion was subject to the approval of board of IOC, the holding company of CPCL.
“The Board of Directors of IOC at the meeting held on September 22 accorded In-principle approval for setting up a new 9 million tonnes per annum refinery at Cauvery Basin, Nagapattinam at an estimated cost of Rs 27,460 crore and for carrying out pre-project activities,” IOC said in a regulatory filing. Read More…
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